Fixed Rate Mortgages
Fixed rate mortgages are the simplest. You'll always know what your monthly principal and interest payments will be over the life of your loan because your interest rate cannot change. These are among the most popular loans for those reasons.
Fixed rate mortgage loans come in various terms such as 10, 15, 20, or 30 years. In determining the length of your loan, you may want to consider:
- Total amount of interest you want to pay over the course of your loan. For example, the total cost of a 30-year loan in terms of the interest paid on the loan is higher than the total cost of a 10, 15, or 20-year loan. With a 30-year loan, you have the advantage of lower monthly payments due to the longer loan term. With a 15-year loan, you have the advantage of repaying the loan more quickly with higher monthly loan payments.
- Your ability to make a high monthly payment. If you can afford to pay more per month, you reduce the number of months you have to pay. Also, choosing a 15-year term will save you thousands in interest charges vs. the typical 30-year term.
Types of Fixed Rate Mortgages
Adjustable Rate Mortgages (ARMs)
Adjustable Rate Mortgages (ARMs), offer a lower starting interest rate and therefore, a lower monthly payment. Your rate and your payment may increase, though, as time goes on. ARMs are useful loans for a variety of circumstances.
An Adjustable Rate Mortgage may be a good choice if you want to:
- Maximize your buying power
- Keep your payments lower during the first few years of your loan
- Move into a different home within the next ten years
- Pay-off your mortgage within the next 10 years
- Expect your income to increase significantly in the coming years
Types of Adjustable Rate Mortgages
Need to borrow more than conventional loan limits allow? A jumbo loan may be your answer. We offer a variety of jumbo loans to meet your needs. You may quickly find yourself in need of higher financing than what a conventional mortgage can provide.
At HVCU, get a jumbo mortgage for the purchase or refinance of a more expensive 1-4 family residential dwelling, condo, townhouse, or Planned Unit Development (PUD) priced over $484,350.
Types of Jumbo Mortgages
The VA Advantage
The VA (Veterans Administration) Home Loan program is the most powerful home loan program on the market for many veterans, service members, and military families. These government-backed loans come with significant benefits that open the doors of home ownership to veterans who need help obtaining financing.
Qualifying veterans can finance the purchase of a primary residence, either existing or pre-construction, or refinance an
existing loan. You don’t have to be a first-time home buyer to qualify, and you can reuse the benefit.
Saving money and building credit can be difficult for service members who are constantly on the move. Generous VA Home Loans offer a number of money-saving features:
- Financing up to $453,100
- No down payment requirement
- Up to 100% financing of the property value
- No monthly private mortgage insurance premiums
- Limited closing costs
- Seller contributions of up to 4% of purchase price
- Seller-paid closing costs options
- 620 minimum credit score requirement
- One-time funding fee (waived for disabled veterans)
- No pre-payment penalty
- Minimal property requirements
Who is Eligible?
Generally, veterans who meet length of service requirements, service members on active duty who have served a minimum period, certain Reservists and National Guard members, and certain surviving spouses of deceased veterans.
You will need a VA Home Loans Certificate of Eligibility from the Veterans Administration to apply, which we can request for you. They may be able to provide assistance if you run into difficulty making payments. VA-backed loans are assumable as long as the person assuming the loan qualifies.
If you have questions and would like to speak with a mortgage professional, please complete the form below.